Markets ripped off the back of a 2 page MoU between the US and Iran that reopened the Strait of Hormuz. The FOMC meeting had its first session under new chair Kevin Warsh, and he sounded even more hawkish than Mr Powell. SpaceX rocketed ahead 42% in its first (almost) full week of life. That's insane, but go ahead – load up! Friday was a holiday in the US.

Stocks liked the economic data that was released this week, even though it was still light on official data as the US government recovers from its recent closure. Bond investors less happy, as yields gapped higher across the curve. All eyes are now on next week's FOMC meeting, where a 25bps reduction in the Fed Funds rate looks fully priced in.

It was a week of mixed economic news in the US, with a strong labor market clobbering the short end of the UST curve. Equities didn't care.

Inflation data weighed on markets again this week, with the S&P 500 declining for the 3rd consecutive week and UST yields pushing higher.

The Fed, ECB and BoE all did exactly as predicted, but comments following press releases were decidedly hawkish. Markets puked on this.

August was a month of two halves, with unfortunately the second half being a reversal of fortune and a massive fade heading into Sept. Ugh!

One of the many things that I have enjoyed doing since I left the grind of working at large financial institutions is reading things...